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A call to preserve real estate's core values

By Inman News, Thursday, October 22, 2009.

Pamela Liebman, president and chief executive officer for th  more...

Bid to delay new RESPA rules fails Premium Content

By Matt Carter, Thursday, October 22, 2009.

A bill that would create a Consumer Financial Protection Agency (CFPA) has emerged from a key committee vote without an amendment that would have delayed implementation of new loan mortgage disclosure forms and closing procedures scheduled to go into effect Jan. 1 under the Real Estate Settlement Procedures Act (RESPA).

In the process of "marking up" and passing HR 3126 in a 39-29 vote, the House Financial Services Committee did sign off on another amendment that would remove much of the CFPA's oversight authority over the title insurance industry and mortgage insurers. The bill also included previous draft language limiting the CFPA's authority over real estate brokers and agents.  more...

Tool helps unemployed get loan mods

By Inman News, Thursday, October 22, 2009.

A new Web-based tool can help workers who have lost their jobs demonstrate whether their unemployment checks will be large enough and last long enough to help them to qualify for a mortgage loan modification.

The Home Affordable Modification Program (HAMP), one of the Obama administration's main foreclosure prevention initiatives, allows laid off workers to obtain loan modifications -- but only if loan servicers can determine that borrowers have at least 9 months of unemployment benefits remaining.  more...

Sellers, don't fret over repairs

By Bernice Ross, Thursday, October 22, 2009.

DEAR BERNICE: My husband used to work in the construction industry before he earned his college degree. He's pretty handy and can fix most things around the house. We recently listed our house and received an offer. When the buyers did their physical inspection they came back with a laundry list of things for us to fix. My husband can handle most of the work, but our Realtor was really against it. She recommended giving the buyers a credit and letting them do the work. She also recommended that we pay for a home warranty for the buyers. My husband isn't thrilled about her ideas. What do you recommend? --Cathy Y.

DEAR CATHY: It's your house and your decision about how you handle this. However, I'm inclined to agree with your agent on both accounts. A number of years ago I had an attorney client who purchased a home. The roof was leaking and needed repair. The seller provided us with receipts stating that the roof had been repaired, and we closed the transaction.  more...

Best buyer's agent: stranger or family?

By Tara-Nicholle Nelson, Thursday, October 22, 2009.

Q: Do you think it's OK to use a member of your family as a buyer's agent? What kind of problems do you think we will run into using a family member as our Realtor?

A: I am aware of the old adage cautioning against doing business with family members and friends. However, I am also aware, from personal experience, that when the stakes are as high as they are in a homebuying transaction, it is critical that your agent care intensely about you and your best interests. Who would care more than your relative?

But you are right to have concerns and to think about the pros and cons. There are a number of implications to take into consideration before working with your family member as your buyer's agent.  more...

Agent, broker confidence slips

By Inman News, Thursday, October 22, 2009.

Real estate agents and brokers surveyed in September by Point2 Technologies were slightly less confident about the future than they were in August, but remained more optimistic than pessimistic overall.

On a scale of one to 10, Point2's Real Estate Confidence Index recorded a 5.83 reading at the national level in September, down from 5.88 in August. It was the first decline in the index since it was launched in June, the company said.

The index has three components, measuring the current, near-term and long-term sentiments of real estate professionals.  more...

Who gets security deposit in divorce?

By Robert Griswold, Thursday, October 22, 2009.

Q: Our tenants are currently on a month-to-month rental agreement and apparently have just gone through a separation and divorce. He left several months ago and she and the children have been in the house for the past nine months. She has paid the rent and the utilities and has maintained the place in good order. She had more money coming in during the separation and now that the divorce is final, she tells me that she has less income from her ex-husband so she needs to move to a less expensive home.

She gave me a written notice last Friday that she is moving at the end of the month, and the ex-husband showed up last night at my house and angrily demanded that he get the full security deposit back right then and there.  more...

The builder-boomer disconnect

By Tom Kelly, Thursday, October 22, 2009.

The move-down market is really moving across … and it's keeping its money closer to home.

Homebuyers aged 55 and over are seeking homes approximately the same size as their present home and, unlike six years ago, they no longer prefer to pay cash. In 2002, 60 percent of builders reported that buyers paid cash, while only 23 percent of builders in 2008 described their customers as cash buyers.

Fixed-rate loans dominate a new 55-plus homebuying market study with adjustable-rate mortgages running neck-and-neck in popularity with reverse mortgages.  more...